A proposed 5% wealth tax on California residents value greater than $1 billion is drawing criticism from luxurious actual property dealer Josh Altman.
“Seven billionaires I do know have already left,” Altman just lately instructed Fox Enterprise.
The measure would, if authorised by voters, impose a one-time levy on these residents, with funds starting in 2027 and unfold over 5 years, in accordance to the Legislative Analyst’s Workplace — a construction that has sparked dialogue amongst enterprise leaders and policymakers nationwide.
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Altman mentioned California has about 200 to 250 billionaires, greater than every other state. He additionally mentioned the state has roughly 40 million residents, together with about 23 million eligible voters.
“If this hits the poll, there isn’t a approach that the billionaires come out on high right here, and that’s a difficulty,” he instructed Fox Enterprise.
His focus was on scale. Billionaires signify a small fraction of the citizens in a state the place poll initiatives can decide tax coverage. If the measure reaches voters, the end result may hinge much less on wealth focus and extra on easy arithmetic.
Organizers are in search of roughly 900,000 signatures to put the measure on the November poll, and the initiative stays within the signature-gathering part, in accordance to media reviews.
Altman mentioned that if it qualifies, the vote would place a handful of ultra-wealthy people in opposition to thousands and thousands of voters.
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Altman additionally shared a comment from a billionaire in regards to the scale of maximum wealth. “You recognize what the distinction is between 100 million and a billion? Nothing,” he mentioned.
He instructed Fox Enterprise that billionaires would stay financially safe, however the individuals who depend on them can be those affected, including that present insurance policies are pushing them out of California.
“It’s the trickle-down impact. It’s folks, the lots of of 1000’s of people who work for these billionaires. It’s the trillion {dollars} in taxes that we’re going to lose,” he mentioned.
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This text ‘Seven Billionaires I Know Have Already Left’ — Luxurious Actual Property Dealer Josh Altman Says California’s 5% Wealth Tax Dangers A ‘Trickle-Down Impact’ initially appeared on Benzinga.com
